Shenzhen Qianhai Wutong Buyout Fund Management Co. and Hanfor Capital Management Co. also contributed to the financing, the firm said in a statement adding that it is also close to wrapping up C+ funding led by Hina Group Co.

'We will use the proceeds to research and develop AI technologies and chips to help firms achieve business innovation, transformation and upgrades by offering them more cost-effective one-stop solutions," said Huang Wei, chief executive at Unisound. "We will also further accelerate business expansion in smart lifestyle and smart service sectors and strive to build a sophisticated industrial chain ecosystem."

Founded in 2012, Unisound provides Internet of Things-based AI services and hold intellectual property rights to intelligent speech recognition technology, algorithms, computing and chip capabilities. The firm will unveil its first AI chip for IoT devices, which has been in development for close to three years, on May 16.

Unisound aims to cement its presence in the consumer-level chip-based product market, such as smart speaker and children's robots and will look to fulfill customer requirements regarding cost, stability and integration.

"We [Unisound and Zhongdian Health Fund] will jointly explore the market for natural speech recognition technologies for the healthcare sector and jointly develop new products with shared intellectual property," a representative of Zhongdian Health Funds said in the statement. "We will also co-develop AI chips for the medical sector and co-build related industry cluster."

Hina is particularly interested in mature solutions and data resources developed by Unisound with regards to the home, automotive and medical fields, said Hina Chairman Chen Hong, adding that he is upbeat about the huge development potential of Unisound's AI chips in the smart IoT market.